Joe Wait

DeFi Lead @EmberProtocol

Research -

[Joe Wait @JoeWaitOfficial]

Schopenhauer spent two volumes proving happiness is impossible. Then he wrote a guide on how to live happily anyway. No one read the first two, but the self-help book was a hit. He also wrote, "The person who writes for fools is always sure of a large audience."

[Joe Wait @JoeWaitOfficial]

@defi_orbit @lordjorx @CurveFinance @Uniswap Indeed, if you look at the comparison chart you'll see that the Uniswap pool did much higher volume.

But volume is not the correct KPI to measure success by. Fees earned per $ of liquidity is a better measure imo.

[Jordi in Cryptoland @lordjorx]

Delta-neutral at zero cost to depositors.

@EmberProtocol just cut fees to 0% on their eEARN strategy. Everything the strategy generates goes straight to the depositor.

As I've mentioned before, this strategy rotates between different delta-neutral approaches depending on market conditions.

The chart since February launch is very clean. No drawdowns. That track record makes @roycoprotocol tranches worth looking:

> Senior: minimum 10% coverage, more conservative, yield improves directly with the fee removal
> Junior: higher yield exposure, and given that there haven't been any drawdowns, that would also be a good option

Btw, while I'm on Ember; their vault product with @tulipacapital deserves more attention than it got. Real estate via Reental normally comes with some friction:

> You have to pass KYC just to use @Reental_co
> Positions lock up for 9-12 months
> There's a secondary market, but I honestly don't know how liquid it actually is

So with the vault you skip the KYC, and Tulipa absorbs the illiquidity risk. They take a premium for it, obviously. But transferring that lock-up risk to a team that prices it correctly is a clever idea.

[Joe Wait @JoeWaitOfficial]

@ovchinnikov The Rhetoric best demonstrates his incredible perception of character.

[Joe Wait @JoeWaitOfficial]

All yield, no fee.

[Ember Protocol @EmberProtocol]

eEARN, Ember’s flagship stablecoin vault, now has 0% management fees and 0% performance fees.

The vault currently manages over $7.5M in deposits and has delivered an average APY of 11.24% over the past 60 days.

Explore eEARN: https://t.co/qNZtdzpCUl

[Jordi in Cryptoland @lordjorx]

The whale DEX is already built.

@JoeWaitOfficial published research this week comparing price impact on @CurveFinance vs @Uniswap across swap sizes.

For a $10M swap, Curve's price impact peaked around 7% this year; Uniswap hit 12% during the October drop.

The tradeoff:

> For $100K trades, Uniswap executes better
> Around $1M, it starts to even out
> Above that, Curve consistently wins

Check the attached image and his research. It's really cool.

As you know, I don't accumulate $CRV and I'm bullish on what they do. However, I accumulate $CVX instead; it's my way of getting exposure to the same thesis.

Stablecoins and RWAs are coming to DeFi at scale, and large institutional swaps between stable pairs will happen here.

I'm honestly not sure I'm not being naive here. But the infrastructure too is good.

[IkeBillion.eth @Ikebillion_]

FXSwap might have just fixed the biggest problem in LP design.

I read through @JoeWaitOfficial's research on @CurveFinance FXSwap this week and one detail in it has not left my head since.

Uniswap V3 gives LPs control over their price ranges. That sounds like a feature. But it means the pool depends on LPs to manually rebalance during volatility. And they do not.

On November 21, when BTC dropped below $83K, Uniswap's price impact for a $10M swap spiked to 12.45%. The @yieldbasis FXSwap pool peaked at 7.51% and recovered faster..

FXSwap takes the LP out of the equation entirely. Rebalancing is automated. The cost of keeping the pool balanced is shared automatically through a refuelling mechanism rather than falling on individual LPs. When the price moves, the pool moves with it.

For a $10M swap, FXSwap delivered better pricing across roughly 80% of the blocks measured in the study. On average 2.1% better. At worst, Uniswap's execution was 7.5% below what FXSwap delivered. Still surprised how I never paid much attention to this until I came across this article (gg once again, buddy).

DeFi lends against price. Liquidates against price. Routes serious size through these pools.

When the infrastructure thins out under pressure, that is not a liquidity problem you can solve by adding more TVL but a design problem. And FXSwap is solving it at the architecture level.

[Joe Wait @JoeWaitOfficial]

@libertar1en @CurveFinance @Uniswap Why? There is no V4 WBTC pool with comparable liquidity.

[Joe Wait @JoeWaitOfficial]

I've republished my research comparing @CurveFinance FXSwap with @Uniswap V3 CLAMM on my Substack.

Link in the comments.

[Joe Wait @JoeWaitOfficial]

https://t.co/KG9B8C32ts

[Ember Protocol @EmberProtocol]

Introducing Tulipa Multi-RWA Vault on Ember.

Built by @tulipacapital, tulPRWA deploys capital across a diversified portfolio of proven global real estate RWA strategies.

The strategy includes opportunities sourced through @Reental_co, a leading real estate tokenization platform that has tokenized hundreds of income-generating properties across multiple countries.

The vault is designed with disciplined risk management, targeted T+45 redemptions, and a conservative basis for share pricing as underlying yield crystallizes over time.

Now live and accepting USDC deposits on @pharos_network Mainnet and Ethereum.

Explore tulPRWA: https://t.co/ZGkKrqKQhP

[Joe Wait @JoeWaitOfficial]

@lordjorx @yieldbasis fiat exposure is never worth it

[Joe Wait @JoeWaitOfficial]

@gmcbhutancrypto How do I enter?

[Joe Wait @JoeWaitOfficial]

@roycoprotocol @Certora @tomer_ganor Senior tranches with instant liquidity make great collateral!

[Joe Wait @JoeWaitOfficial]

@newmichwill Noooo don't break the illusion of certainty!

[Joe Wait @JoeWaitOfficial]

@bendee983 I still experience this often.

AI is not great at thinking laterally, it's down to the human to come up with creative solutions.

Reducing cognitive effort spent on syntax and implementation details frees the mind to focus on system design and architectural problems.

[Royco @roycoprotocol]

16.65% APY on the Junior of eEARN.

@EmberProtocol 's vault runs three strategies in rotation:

- Stablecoin lending spreads
- Looping across bluechip protocols
- Delta-neutral yield and funding capture

Amplified yield, the easy way.

[Joe Wait @JoeWaitOfficial]

15.59% APY on the eEARN Junior tranche.

No looping. No borrowing.

Just great on-chain yield.

[Royco @roycoprotocol]

@EmberProtocol eEARN

- Senior: 5.19% APY
- Junior: 15.59% APY
- TVL: $1.01M

A multi-strategy vault that rotates to the best risk-adjusted return in the market. Junior is one of the highest paying seats on Royco right now.

Senior: https://t.co/BNbYQyUqNm
Junior: https://t.co/86LK5huX80

[Ember Protocol @EmberProtocol]

We are excited to announce Ember’s integration with @roycoprotocol!

eEARN is now live on Royco Dawn, offering two tranches for capital with different risk and return preferences through Ember’s flagship multi-strategy stablecoin vault.

Senior Tranche: https://t.co/PuqAwDitAh
Junior Tranche: https://t.co/10eV5DX7P4

For more information, please see the thread below.

[Joe Wait @JoeWaitOfficial]

Structured risk exposure from @roycoprotocol changes the game for asset allocators.

eEARN depositors can now leverage yield in the Junior tranche without needing to loop, or get 10% downside protection in the Senior tranche.

[Royco @roycoprotocol]

eEARN is live on Royco Dawn.

New market opening today, this time with @EmberProtocol.

You can now deposit into Senior and Junior tranches of their multi-strategy stablecoin vault.